If you’re planning on launching your own business, you’ll know that there are lots of things you need to take into consideration before you get going. Whether you’re going to remain employed or you’re planning on quitting your job and running a startup full time, any new business is a risk. Below, we’ve put together five essential things that you should get covered before you launch.
Staff
Most startup businesses don’t employ staff from the first day of launch, but for bricks and mortar stores, it’s often an essential component of running a successful business. No individual can work full time seven days a week, so consider hiring a member of staff to ease the burden and ensure you don’t suffer from burnout. This could be a member of your family, or a friend, who’ll work at a reduced rate to help you get your feet off of the ground and put in overtime for free.
Marketing
Without an effective marketing strategy, you’ll struggle to spread the word about your new products or services, so make it your priority to nail down your advertising. There are lots of things you can do on your own, like printing out leaflets and contacting local businesses, but the best way to find success is to outsource to marketing agencies who know what they’re talking about. Work with a company that offers affordable social media management, for example, and you’ll save tens of hours per week which you can put to better use in the early startup days.
Products
To ensure your business will be a success, you need to make sure that you’ve nailed your product or service offering. Consider hosting focus groups or market research to get feedback from your target audience, and send out free samples or offer free trials to get feedback on your brand. This is likely to be the most time-consuming and expensive task you’ll have to face as a business owner, but getting the product right will save you hundreds of hours in the long run.
Space
Are you planning on working on your business from home, or would an office or workshop give you more room and flexibility to grow? Make sure you shop around and find the most affordable business space for your budget and needs; although it may be tempting to work from home, getting out and about and hiring an office may give you more motivation and help get jobs done.
Growth
It’s essential that you have a clear plan for growth when you start your own business; simply winging it and hoping for the best just isn’t going to cut it. Create a five-year plan based on market research and trends, and understand your competition. If you don’t have a clue where you’d like your business to be in a year from now, then it’s time to go back to the drawing board.
Starting your own business can be hard work, but the sweat and tears can pay off. Good luck!